NGX rebounds as First HoldCo, Seplat lead N32.7bn block trades
A surge in institutional block trades worth N32.73 billion snapped a two-day losing streak on the Nigerian Exchange, signaling sustained appetite for large-cap equities despite recent broad-based selling.
Investors executed 19 block trades worth N32.73 billion across seven listed companies on the Nigerian Exchange on Tuesday, sharply reversing a two-session bearish run. The heavy institutional activity pushed the All-Share Index up 0.46% to close at 242,870.44 points. This recovery added N719 billion in market capitalisation, bringing the total market value to N155.85 trillion.
The banking, telecommunications, oil and gas, and consumer goods sectors all saw activity, but First HoldCo and Seplat Energy dominated the order books. Together, these two counters accounted for nearly 84% of the day's major deals value. First HoldCo saw 285.5 million shares change hands across three transactions at prices between N68.00 and N72.10, totaling roughly N19.43 billion.
This single financial stock represented nearly 60% of the total block trade value, with its volume more than 36 times larger than any other participating counter. Seplat Energy, while smaller in overall value at N8.00 billion, executed seven separate crosses—the highest count of the session. Notably, Seplat's execution prices climbed steadily intraday from N10,240.00 to N11,345.60 per share.
MTN Nigeria followed a similar upward pricing trajectory, with four crosses pushing its share price from N810.00 to a session peak of N849.90 for a total value of N3.57 billion. Stanbic IBTC recorded the second-largest volume block with 5.3 million units valued at N848 million, executed at a flat N160.00 per share. GTCO, Zenith Bank, and Nestlé Nigeria rounded out the activity with smaller crosses contributing under N900 million combined.
Tuesday's block trades marked a three-fold increase from the N7.23 billion in major deals recorded on July 7. While overall transaction counts fell 29.11% to 42,494, total market value surged 139.44% to N53.34 billion and total volume rose 21.25% to 634.78 million shares.
Analysts indicate this pattern of concentrated institutional buying in bellwether names is likely to dictate near-term price direction on the exchange. The selective return to large caps rescued the market from Monday's 0.84% decline, leaving the year-to-date return at a robust 56.07%. Market breadth remained narrowly positive with 24 gainers edging out 22 losers, underscoring that institutional capital is currently prioritizing liquidity and scale over broad market exposure.
